Liberty Home Mortgage Blog

Opioid crisis presents additional risks to Realtors

Real estate agents have always had a dangerous job, often meeting strangers alone in empty houses. With the current drug crisis, agents should be especially cautious when dealing with new clients for the first time.

San Antonio Realtor Janice Tisdale accepted an appointment with a seemingly interested buyer for a high-end property. Once inside the home, he assaulted her, striking her over the head, then holding her hostage, demanding money from her. She managed to escape. The assailant, a drug addict with multiple convictions, was arrested and is now serving a 60-year sentence for aggravated robbery.

While most agents—especially female agents—are aware of the risks of the profession, it is always prudent to keep those risks in mind and to have a safety strategy in place. Here are some tips that have served both seasoned veterans and newcomers to the industry well.

Always meet your client in your office before showing them the property. Do not meet them for the first time at the home alone. Know who your client is; while they are in your office, scan or photograph their photo identification. Introduce them by name to one or more coworkers. If you leave the office with that new client to show them a property, make sure you inform someone where you are going—and when you expect to return.

Many agents perform background checks on prospective clients before meeting with them outside the office. Companies like Forewarn, SecureShow, and others offer this service and provide instant checks on the subscriber’s desktop or smartphone.

5% of the 150,000 real estate agents working today have reported being attacked on the job in some way. Many are now carrying some form of self-defense devices, including pepper spray, tasers and even concealed firearms.

Open houses present special dangers. As you are preparing the house for showing, unlock all deadbolts and plan multiple escape routes. Know the escape routes from the back and side yards: unlock gates to permit a quick getaway if necessary.

Canvass the neighborhood around your listing. It’s good marketing practice and neighbors who know you can be lifesavers in an emergency.

Your cell phone, apart from being an essential business tool, can be your lifeline. Keep it fully charged—and in your hand, not in your pocket or purse. Investigate “safety apps” for your phone. These can quickly send a distress signal to a predetermined person, and transmit your precise location.

Create a “distress signal” to inform a coworker that you are in trouble without alerting the “client” who makes you uneasy. You might arrange to say, “Could you please look up the red file?” to let your colleague know that you are in trouble and need immediate help.

Always park where you can make a quick getaway—don’t let yourself get boxed in. If the home you are showing is on a cul de sac, park your car so you can drive straight away, rather than having to make a U-turn. Keep your keys close at hand, not buried in your purse or pocket.

Above all, be aware of your surroundings. When you are showing a home, always have your client walk ahead of you so you can keep them in view. Do not allow yourself to be cornered in a small room, such as a bathroom or walk-in closet.

Finally, if you find yourself in a desperate situation, the most effective way to get help is to yell “FIRE” at the top of your lungs, not “help.”

Source: TBWS
Posted in:Realtor and tagged: house
Posted by Aslam Mansoor Amlani on December 8th, 2017 2:48 PM

Michael Flynn pleads guilty and markets go crazy

Back in the range for the 10 yr; the yield on the note this afternoon 2.37% down 5 bps from yesterday’s increase of 5 bps. MBS prices +17 bps today, the FNMA 3.5 30 yr coupon yesterday down 20 bps. Volatility is currently at high levels compared to the low levels we have had over the last five months.

The Republicans appear now to have the necessary votes to pass the Senate’s version of the tax bill; yesterday and early this morning there were four Senators with issues on the votes, increased deficits and concerns over the ObamaCare health care bill that would remove the requirements that people have to have insurance or pay a penalty on their tax returns. These issues seem to be pushed off the table allowing a vote maybe later today. This is the preliminary round to be followed by the main event when the two bills meet to iron out the differences between the House and Senate versions.

Fireworks this morning when the FBI reported that Mike Flynn former national security adviser, lied to the FBI and he has admitted it. According to the news, Flynn copped a plea and will testify that Pres. Trump directed him to contact Russia during the campaign. He plead guilty Friday morning to lying to the Federal Bureau of Investigations about his communications with the Russian ambassador before Mr. Trump took office. The headlines are out, but the story is still unfolding. The reaction in markets was swift, sending the DJIA down 368 points when the news hit, the 10 yr note yield dropped to 2.36% from 2.41% before the report. MBS prices prior to the news were trading unchanged from yesterday then followed the 10 yr prices higher (yields lower).

By this afternoon stocks did end lower from yesterday’s strong move higher but well off the lows.

The weekend news should be lively about both the tax cuts and the Flynn investigation.

Next Week: tax cuts will remain key but also the unraveling of the Mike Flynn/FBI situation and November employment data. Monday, October factory orders. Tuesday, International trade deficit, Nov ISM services sector index. Wednesday, Nov ADP private jobs; Q3 productivity and unit labor costs (revisions from last month). Thursday Weekly claims. Friday, Nov employment data, U. of Michigan final Nov consumer sentiment index, Oct wholesale inventories.

This week was noted for its volatility in stocks and interest rates. The rate markets still within their very marrow yield and price ranges when viewed on a weekly basis. 10 yr +3 bps, MBS prices -7 bps. Good to look at markets on a weekly basis as well as having to navigate the daily swings. Yesterday the stock market fired up sending the 10 yr to 2.42% but today back within the 8 point range 2.32%/2.40% that has for the high majority of time defined long-term rates since early October with 30 yr mortgage rates generally unchanged in that time.

Source: TBWS
Posted in:Rates and tagged: BOND
Posted by Aslam Mansoor Amlani on December 1st, 2017 11:01 PM

Fed Sets Stage for December Rate Hike

To a large extent, the FOMC policy statement was a re-hash from the last meeting. The markets largely expected the Fed would officially announce that it will begin to unwind its $4.5 trillion balance sheet. The FOMC said beginning in October the Fed will roll over the principal payments from the Federal Reserve's holdings of Treasury securities maturing during each calendar month that exceeds $6B, and to reinvest in agency mortgage-backed securities the amount of principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month that exceeds $4B. That is what the Fed has been saying since its June addendum.

Key points in the policy statement:

  • The labor market has continued to strengthen and that economic activity has been rising moderately so far this year.
  • On a 12-month basis, overall inflation and the measure excluding food and energy prices have declined this year
  • Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
  • Hurricanes Harvey, Irma, and Maria have devastated many communities, inflicting severe hardship. Storm-related disruptions and rebuilding will affect economic activity in the near term,
  • Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely.
  • The Committee decided to maintain the target range for the federal funds rate at 1 to 1-1/4 percent.
  • The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.

As for another rate increase in Dec, Fed officials are divided; some want an increase, others believing inflation is low and don’t want another increase. The Fed is expecting a move to 1.4% for the federal funds rate which indicates an increase in Dec. Continued focus on the Fed with Fed officials hitting the rubber chicken circuit beginning tomorrow with three regional Fed Presidents (Williams (SF), George (KC) and Kaplan (Dallas).

Tomorrow weekly jobless claims expected at 303K +5K from the prior week. The Sept Philadelphia Fed business index (18.0 from 18.9 in August. July FHFA home price index (+0.4% up from 0.1% in June, very dated data).

The bellwether 10 hit 2.28% this afternoon solidly cutting above the next level of chart support at 2.23%. Our outlook turned bearish over a week ago. The next technical support for the 10 is at 2.32%, then 2.40%. The 2 yr note yield now the highest since 2008.

Source: TBWS
Posted in:Rates and tagged: Economic News
Posted by Aslam Mansoor Amlani on December 1st, 2017 2:57 PM

Who Qualifies for this Loan Program?

Foreign Borrowers with Work Visa or job offer letter that will provide a Work Visa

                -Non U.S. Citizens relocation to the U.S. for employment or living in U.S. as W2 wage earner.

                - No U.S. Credit Score Required.

 

U.S. Citizens or Green Card Holders

                -Returning to U.S after living abroad or currently on assignment abroad.

                -Living in the U.S., no credit required.

 

Requirements:

  • No foreign credit, alternate trade lines, VOM, or VOR Required.

  • Foreign assets for down payment AND reserves including foreign retirement funds considered.          

    • Funds for closing must be moved to U.S. prior to the closing date.

  • Foreign assets used for reserves do not need to be moved to the U.S.

Posted by Aslam Mansoor Amlani on July 14th, 2017 3:38 PM
Fannie/Freddie require a minimum of 600 SF living area for manufactured/modular homes.
Posted in:General
Posted by Aslam Mansoor Amlani on September 5th, 2013 9:05 PM
 Fannie/Freddie require a minimum of 400 SF living area
Posted in:General
Posted by Aslam Mansoor Amlani on September 5th, 2013 9:00 PM

Estimated Number of Years To

Drop Mortgage Insurance Chart

At application, do the math and let your clients know the estimated number of years that the PMI or MIP will be eliminated.

The interest rate makes a difference, but here’s an example of a sales price/appraisal value of $250,000 at 6% interest rate, and based on making regular monthly payments (no principal prepayment).

Down Payment Loan Amount Term Years PMI/MIP Eliminated

5% 237,500 30 yr 11 yrs

10% 225,000 30 yr 9 yrs

15% 212,500 30 yr 6 yrs

5% 237,500 20 yr 6 yrs

10% 225,000 20 yr 4.5 yrs

15% 212,500 20 yr 3 yrs

5% 237,500 15 yr 4 yrs

10% 225,000 15 yr 3 yrs

15% 212,500 15 yr 2 yrs

If the interest rate is 1% lower than 6%, subtract one year

If the interest is 1% higher than 6%, add one year

Posted in:General
Posted by Aslam Mansoor Amlani on July 9th, 2013 12:46 PM

Dropping FHA Mortgage Insurance Premium Rules

For all loan types with the exception of: Title I and Home Equity

Conversion Mortgages (HECM) the following chart applies.

Term

LTV (%)

Annual MI Duration for Case Numbers Ordered Prior to June 3, 2013*

Annual MI Duration for Case Numbers Ordered On or After June 3, 2013

= 15 yrs

= 78

No annual MIP

11 years

= 15 yrs

> 78 – 90.00

Cancelled at 78% LTV

11 years

= 15 yrs

> 90.00

Cancelled at 78% LTV

Loan term

> 15 yrs

= 78

5 years

11 years

> 15 yrs

> 78 – 90.00

Cancelled at 78% LTV & 5 yrs

11 years

> 15 yrs

> 90.00

Cancelled at 78 & 5 yrs % LTV

Loan term

*Loans closed PRIOR to January 1, 2001 are NOT eligible for termination of MIP (monthly insurance premium)

NOTE: Loan-to-Value for purchases based on the sales price or appraisal value, whichever is lower

Loan-to-Value for refinances based on appraisal value

Loan-to-value figured on base loan amount WITHOUT UFMIP

Posted in:General
Posted by Aslam Mansoor Amlani on July 1st, 2013 12:16 PM

Rules for Dropping Mortgage Insurance

What you and your clients should know!

Yep, there’s a disclosure for that!

But what do the PMI termination rules really mean to the average person?

Dropping Conventional Mortgage Insurance Rules

    • Automatic Termination
      • Fixed Rate & Adjustable – Removed when reduced to 78% LTV
        • LTV based upon ORIGINAL VALUE
        • Based SOLEY on regular amortization (not prepayment of principal)

Additional Requirement:

    • Mortgage payment must be current

    • Borrower Requests Termination

      • Fixed & Adjustable – Removed when reduced to 78% LTV

Additional Requirements:

    • Submit cancellation request in writing
    • Good payment history
    • Current on mortgage payments
    • Appraisal or Certification that property value has not decreased BELOW the original value
    • No 2nd liens or subordinated loans on property
Posted in:General
Posted by Aslam Mansoor Amlani on June 25th, 2013 8:37 PM

Any Borrower with  FHA Loan which was Originated Prior to May 31st 2009 should take Advantage of new Guideline with lower Upfront Mortgage Insurance and Lower Annual Mortgage Insurance Premium, which can save them big money and lower Interest Rate.

FHA streamline Refinance without income verification and without Appraisal only Employment verified, credit score must be 640 to get best rate, some lenders do go as low as  580 Score.

 

 

  Friday, May 25, 2012   @  4:58:12 PM          

Posted in:General
Posted by Aslam Mansoor Amlani on May 25th, 2012 5:07 PM